July 14, 2006

Mike Strecker
Phone: 504-865-5210

Tulane University has filed a countersuit against Allianz Global Risks U.S. Insurance Company (Allianz) in the federal court of the Eastern District of Louisiana to recover $250 million due Tulane from an Allianz excess property and business income insurance policy.

Tulane, which suffered in excess of $400 million in damages from Hurricane Katrina, quickly recovered $100 million from Lexington Insurance Company, its underlying primary insurer and Zurich American Insurance company, the university's first excess insurer. On March 31, 2006, Allianz filed suit against Tulane in federal district court denying coverage for Tulane's losses under its excess insurance policy. Tulane filed its counterclaim yesterday.

Tulane's counterclaim seeks a declaration that the insurer owes Tulane up to $250 million under the Allianz policy, plus damages for breach of contract and penalties under Louisiana Law.

"Shortly after Hurricane Katrina, Tulane provided unfettered access to our insurers, including Allianz, so they could independently document the university's losses," said Victoria Johnson, Tulane University's general counsel. "The primary and first excess insurers promptly paid their policy limits. In contrast, Allianz refused to make any payments under its policy but instead filed a lawsuit against Tulane."

Judge Kurt D. Engelhardt will preside over the case. 

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Tulane University, New Orleans, LA 70118 504-865-5000